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INVESCO CONVERTIBLE SECURITIES FUND
mutual fund
CNSDX
Payout Change
Pending
Price as of:
$24.31
+0.14
+0.58%
primary theme
Convertible Bond
share class
CNSDX (Mutual Fund)
INVESCO CONVERTIBLE SECURITIES FUND
Payout Change
Pending
Price as of:
$24.31
+0.14
+0.58%
primary theme
Convertible Bond
share class
CNSDX (Mutual Fund)
INVESCO CONVERTIBLE SECURITIES FUND
Payout Change
Pending
Price as of:
$24.31
+0.14
+0.58%
primary theme
Convertible Bond
share class
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
11.8%
1 yr return
11.5%
3 Yr Avg Return
0.7%
5 Yr Avg Return
9.1%
Net Assets
$807 M
Holdings in Top 10
18.4%
52 WEEK LOW AND HIGH
$24.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.70%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 61.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CNSDX - Profile
Distributions
- YTD Total Return 11.8%
- 3 Yr Annualized Total Return 0.7%
- 5 Yr Annualized Total Return 9.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.68%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameINVESCO CONVERTIBLE SECURITIES FUND
-
Fund Family NameINVESCOFDS
-
Inception DateJul 28, 1997
-
Shares OutstandingN/A
-
Share ClassY
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEllen Gold
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in convertible securities, and in derivatives and other instruments that have economic characteristics similar to such securities. A convertible security is a bond, preferred stock or other security that may be converted into a prescribed amount of common stock at a prestated price.
The Fund may invest in below-investment grade securities. Below-investment grade securities are commonly referred to as junk bonds. Investment grade securities are: (i) securities rated BBB- or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by Invesco Advisers, Inc. (Invesco or the Adviser)to be of comparable quality, each at the time of purchase. Many convertible securities have credit ratings that are below investment grade.
The Fund may invest up to 10% of its net assets in synthetic convertible securities and up to 25% of its net assets in exchangeable convertible securities. The Fund may invest up to 20% of its net assets in common stocks, non-convertible preferred stocks and non-convertible fixed-income securities.
The Fund may invest up to 20% of its net assets in foreign securities, including securities of issuers located in emerging markets countries (i.e., those that are generally in the early stages of their industrial cycles), non-U.S. dollar denominated securities and depositary receipts. This percentage limitation, however, does not apply to securities of foreign companies that are listed in the United States on a national securities exchange.
The Fund may invest in illiquid or thinly traded securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended.
The Fund can invest in derivative instruments including forward foreign currency contracts.
The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments.
The Fund focuses on investing in traditional convertible securities that offer a balanced risk reward profile over a full market cycle. The Fund invests in traditional convertible securities with reasonable valuations that the portfolio managers believe show potential for strong total return through interest or dividend, coupled with the upside participation found in the option value embedded in the securities. The portfolio managers focus on positions issued by well-managed companies with strong balance sheets, a clear business focus, and competitive advantages versus their peers as determined by the portfolio managers. Alpha (return on investments in excess of the ICE BofA U.S. Convertible Index) is also sought to be added to the portfolio through careful credit analysis and security selection.
The portfolio managers seek to construct a broadly diversified portfolio that is focused on balanced convertible exposures, which they believe offer the most attractive risk/reward profile.The portfoliomanagersmayincrease or decrease the Fund'sdelta, or equity sensitivity of the portfolio, based on underlying economic conditions. For instance, in a strong equity market, the team may hold a higher level of equity-like convertible securities to allow the Fund to participate in the additional upside. Equity-like convertible securities exhibit characteristics such as greater equity sensitivity and lower conversion premiums. Conversely, in a weak equity market, the team may seek to reduce exposure to equity-like convertible securities, investing more in fixed-income-oriented securities. The team may also use equity options and traditional fixed-income securities to help the fund maintain proper positioning in different economic environments.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers, which factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities.
CNSDX - Performance
Return Ranking - Trailing
| Period | CNSDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.8% | -3.2% | 15.7% | 63.16% |
| 1 Yr | 11.5% | -2.6% | 16.7% | 69.74% |
| 3 Yr | 0.7%* | -15.5% | 5.2% | 38.67% |
| 5 Yr | 9.1%* | -7.6% | 11.5% | 43.66% |
| 10 Yr | 7.7%* | -0.9% | 10.7% | 54.39% |
* Annualized
Return Ranking - Calendar
| Period | CNSDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.5% | -7.7% | 13.1% | 48.05% |
| 2022 | -18.7% | -37.8% | -12.8% | 34.21% |
| 2021 | -18.7% | -18.9% | 2.4% | 94.74% |
| 2020 | 29.5% | 5.9% | 54.0% | 44.44% |
| 2019 | 15.1% | 9.9% | 24.4% | 55.56% |
Total Return Ranking - Trailing
| Period | CNSDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.8% | -3.2% | 15.7% | 63.16% |
| 1 Yr | 11.5% | -2.6% | 16.7% | 69.74% |
| 3 Yr | 0.7%* | -15.5% | 5.2% | 38.67% |
| 5 Yr | 9.1%* | -7.6% | 11.5% | 43.66% |
| 10 Yr | 7.7%* | -0.9% | 10.7% | 54.39% |
* Annualized
Total Return Ranking - Calendar
| Period | CNSDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.2% | -7.7% | 15.3% | 54.55% |
| 2022 | -15.5% | -37.8% | -10.6% | 30.26% |
| 2021 | 4.9% | -12.2% | 11.3% | 36.84% |
| 2020 | 44.7% | 8.7% | 64.4% | 47.22% |
| 2019 | 21.7% | 12.2% | 28.7% | 70.83% |
NAV & Total Return History
CNSDX - Holdings
Concentration Analysis
| CNSDX | Category Low | Category High | CNSDX % Rank | |
|---|---|---|---|---|
| Net Assets | 807 M | 13.4 M | 4.3 B | 41.56% |
| Number of Holdings | 163 | 41 | 381 | 16.88% |
| Net Assets in Top 10 | 141 M | 3.92 M | 653 M | 62.34% |
| Weighting of Top 10 | 18.37% | 9.5% | 46.5% | 72.73% |
Top 10 Holdings
- Wells Fargo Co., Series L, Conv. Pfd. 3.08%
- Bank of America Corp., Series L, Conv. Pfd. 2.96%
- Invesco Treasury Portfolio, Institutional Class 2.39%
- Coinbase Global, Inc., Conv. 1.84%
- Duke Energy Corp., Conv. 1.44%
- Akamai Technologies, Inc., Conv. 1.36%
- Jazz Investments I Ltd., Conv. 1.36%
- ON Semiconductor Corp., Conv. 1.34%
- Seagate HDD Cayman, Conv. 1.32%
- Invesco Government Agency Portfolio, Institutional Class 1.29%
Asset Allocation
| Weighting | Return Low | Return High | CNSDX % Rank | |
|---|---|---|---|---|
| Bonds | 84.97% | 0.00% | 98.77% | 74.03% |
| Convertible Bonds | 73.50% | 37.15% | 99.72% | 70.13% |
| Preferred Stocks | 10.20% | 0.00% | 22.50% | 19.48% |
| Cash | 4.06% | -78.94% | 9.51% | 31.17% |
| Other | 0.76% | -17.11% | 5.40% | 18.18% |
| Stocks | 0.00% | 0.00% | 23.09% | 97.40% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CNSDX % Rank | |
|---|---|---|---|---|
| Corporate | 94.21% | 91.11% | 100.00% | 70.13% |
| Cash & Equivalents | 3.67% | 0.00% | 9.51% | 32.47% |
| Derivative | 0.76% | -0.03% | 0.76% | 3.90% |
| Securitized | 0.00% | 0.00% | 0.00% | 97.40% |
| Municipal | 0.00% | 0.00% | 0.00% | 97.40% |
| Government | 0.00% | 0.00% | 2.94% | 97.40% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CNSDX % Rank | |
|---|---|---|---|---|
| US | 84.97% | 0.00% | 98.77% | 70.13% |
| Non US | 0.00% | 0.00% | 15.91% | 97.40% |
CNSDX - Expenses
Operational Fees
| CNSDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.70% | 0.20% | 2.87% | 89.61% |
| Management Fee | 0.51% | 0.20% | 1.00% | 16.88% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
| CNSDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| CNSDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CNSDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 61.00% | 30.00% | 154.00% | 46.38% |
CNSDX - Distributions
Dividend Yield Analysis
| CNSDX | Category Low | Category High | CNSDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.33% | 0.00% | 4.30% | 64.94% |
Dividend Distribution Analysis
| CNSDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
| CNSDX | Category Low | Category High | CNSDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.68% | -3.72% | 3.69% | 36.84% |
Capital Gain Distribution Analysis
| CNSDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2024 | $0.284 | CapitalGainShortTerm |
| Dec 12, 2024 | $0.141 | OrdinaryDividend |
| Sep 26, 2024 | $0.143 | OrdinaryDividend |
| Mar 28, 2024 | $0.126 | OrdinaryDividend |
| Dec 13, 2023 | $0.084 | OrdinaryDividend |
| Sep 28, 2023 | $0.084 | OrdinaryDividend |
| Jun 22, 2023 | $0.085 | OrdinaryDividend |
| Mar 23, 2023 | $0.075 | OrdinaryDividend |
| Dec 14, 2022 | $0.670 | OrdinaryDividend |
| Sep 22, 2022 | $0.056 | OrdinaryDividend |
| Jun 23, 2022 | $0.056 | OrdinaryDividend |
| Mar 24, 2022 | $0.057 | OrdinaryDividend |
| Dec 14, 2021 | $7.118 | OrdinaryDividend |
| Sep 23, 2021 | $0.062 | OrdinaryDividend |
| Jun 24, 2021 | $0.083 | OrdinaryDividend |
| Mar 25, 2021 | $0.104 | OrdinaryDividend |
| Dec 11, 2020 | $3.176 | OrdinaryDividend |
| Sep 17, 2020 | $0.112 | OrdinaryDividend |
| Jun 18, 2020 | $0.112 | OrdinaryDividend |
| Mar 19, 2020 | $0.101 | OrdinaryDividend |
| Dec 13, 2019 | $0.101 | OrdinaryDividend |
| Dec 13, 2019 | $0.975 | CapitalGainLongTerm |
| Sep 19, 2019 | $0.103 | OrdinaryDividend |
| Jun 20, 2019 | $0.103 | OrdinaryDividend |
| Mar 21, 2019 | $0.103 | OrdinaryDividend |
| Dec 14, 2018 | $0.104 | OrdinaryDividend |
| Dec 14, 2018 | $0.171 | CapitalGainShortTerm |
| Dec 14, 2018 | $1.910 | CapitalGainLongTerm |
| Sep 13, 2018 | $0.143 | OrdinaryDividend |
| Jun 21, 2018 | $0.179 | OrdinaryDividend |
| Mar 22, 2018 | $0.205 | OrdinaryDividend |
| Dec 13, 2017 | $0.252 | OrdinaryDividend |
| Dec 13, 2017 | $0.047 | CapitalGainShortTerm |
| Sep 14, 2017 | $0.273 | OrdinaryDividend |
| Jun 15, 2017 | $0.273 | OrdinaryDividend |
| Mar 16, 2017 | $0.273 | OrdinaryDividend |
| Dec 13, 2016 | $0.283 | OrdinaryDividend |
| Sep 13, 2016 | $0.231 | OrdinaryDividend |
| Jun 16, 2016 | $0.185 | OrdinaryDividend |
| Mar 17, 2016 | $0.165 | OrdinaryDividend |
| Dec 11, 2015 | $0.155 | OrdinaryDividend |
| Sep 17, 2015 | $0.155 | OrdinaryDividend |
| Jun 18, 2015 | $0.155 | OrdinaryDividend |
| Mar 19, 2015 | $0.156 | OrdinaryDividend |
| Dec 12, 2014 | $0.162 | OrdinaryDividend |
| Dec 12, 2014 | $0.061 | CapitalGainShortTerm |
| Dec 12, 2014 | $0.661 | CapitalGainLongTerm |
| Sep 18, 2014 | $0.137 | OrdinaryDividend |
| Jun 19, 2014 | $0.137 | OrdinaryDividend |
| Mar 20, 2014 | $0.142 | OrdinaryDividend |
| Dec 13, 2013 | $0.145 | OrdinaryDividend |
| Dec 13, 2013 | $0.083 | CapitalGainShortTerm |
| Dec 13, 2013 | $0.488 | CapitalGainLongTerm |
| Sep 19, 2013 | $0.150 | OrdinaryDividend |
| Jun 20, 2013 | $0.149 | OrdinaryDividend |
| Mar 21, 2013 | $0.140 | OrdinaryDividend |
| Dec 07, 2012 | $0.138 | OrdinaryDividend |
| Sep 20, 2012 | $0.128 | OrdinaryDividend |
| Jun 14, 2012 | $0.127 | OrdinaryDividend |
| Mar 15, 2012 | $0.118 | OrdinaryDividend |
| Dec 09, 2011 | $0.110 | OrdinaryDividend |
| Sep 15, 2011 | $0.110 | OrdinaryDividend |
| Jun 16, 2011 | $0.110 | OrdinaryDividend |
| Mar 17, 2011 | $0.110 | OrdinaryDividend |
| Dec 03, 2010 | $0.140 | OrdinaryDividend |
| Sep 16, 2010 | $0.183 | OrdinaryDividend |
| Jun 23, 2010 | $0.200 | OrdinaryDividend |
CNSDX - Fund Manager Analysis
Managers
Ellen Gold
Start Date
Tenure
Tenure Rank
Jan 01, 1998
24.43
24.4%
Ellen Gold is a portfolio manager of Invesco’s convertible securities strategies. She joined Invesco in 2010. Ms. Gold previously joined Morgan Stanley in 1986, where she served as a portfolio manager on the Equity and Income team, focusing on convertible products since 2001. She also served as a junior portfolio manager of convertible securities and a fixed income analyst. Ms. Gold earned a Bachelor of Business Administration degree from George Washington University and a Master of Business Administration degree from New York University.
Ramez Nashed
Start Date
Tenure
Tenure Rank
Nov 30, 2006
15.51
15.5%
Ramez Nashed, Portfolio Manager, who has been responsible for the Fund since 2010 and has been associated with Invesco and/or its affiliates since 2006. Prior to commencement of operations by the Fund, Mr. Nashed was associated with Morgan Stanley Investment Advisors Inc. in an investment management capacity (November 2006 to 2010).
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 36.97 | 10.28 | 7.42 |
